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Under the terms of the the maturity dateon Anchor’e balance of the $116.3 million loan has been extendedf for a full year, and is now May 31, and no principal payment is due priot to the maturity date, Madison-based Ancho r (NASDAQ: ABCW) said Friday. “The significant additionapl time afforded by the amended terms of the loan agreementg provides us an opportunity to work our financial strategh to achieve fulfillment of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmerman said Anchord executives believe the amendmentwith U.S.
Bank will assist Anchor with plans to raise additional Anchor BanCorp in March had reached an agreement to extends the due date for the credittwith U.S. Bank until near the end of May. The extensiom relieved Anchor BanCorp from reducinyits $116.3 million debt on the line of credi t to $60 million to meet an automatic principal reductiom of the loan commitment. If Anchorf had not paid the debt, U.S. Bank, coulf have seized Anchor BanCorp in aforeclosure proceeding. AnchorBank fsb has 74 full-serviced offices and two loan origination-only offices, all in Wisconsin.
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